At a Glance
- Tasks: Join our team to develop innovative insurance products and enhance customer experiences.
- Company: A leading property casualty insurer with a strong commitment to innovation and collaboration.
- Benefits: Enjoy competitive salary, private medical insurance, generous holiday entitlement, and wellness programmes.
- Other info: Be part of a diverse team that values your unique talents and encourages community involvement.
- Why this job: Make a real impact in the insurance industry while working in a flexible hybrid environment.
- Qualifications: Solid underwriting experience and a passion for product development are essential.
The predicted salary is between 50000 - 65000 £ per year.
Who Are We? Taking care of our customers, our communities and each other. That's the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 170 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.
Job Category: Product, Underwriting
What Is the Opportunity? We're looking for a Product Development Specialist to join our Wordings & Product team. You'll bring hands-on commercial underwriting and policy wording experience - as well as a genuine passion for building products that truly serve our customers. You'll work alongside our Business Insurance Leadership team, bringing technical product and underwriting expertise to shape, design, and evolve our product portfolio. Travelers Europe currently offers flexibility to employees who wish to work on a hybrid basis in accordance with our Hybrid Work Arrangements Policy.
What Will You Do?
- Support the Technical Product development for new or updated products, working closely with the Subject Matter Expert (Portfolio/Product Manager, Managing/Senior Underwriter).
- Deliver the following, within agreed timelines, for new/updated products:
- Underwriting: development of appropriate appetite, underwriting parameters including capacity deployment, line size, new and renewal program rules, question sets, ensure reinsurance cover alignment, and risk survey parameters for product lines or industries.
- Wordings: using customer research completed by the Propositions and SMEs team, design the scope of wording (e.g. necessary extensions, conditions, exclusions).
- Product supporting materials: Draft Technical Collaterals (i.e. Product UW guides/guidance/bulletins) and update as part of the product development process.
- Technology: provide technical consultation on the design and implementation process of the technology platform to ensure successful integration or conversion of the new or updated product.
- Provide technical consultation to Propositions and SMEs regarding the review of competitor information.
- Contribute to the development of technical underwriting/broker training material to accompany product launch and assist with delivery as required by the SME.
- Maintain a log of approvals for the technical work to satisfy governance requirements.
- Provide input to progress reports as needed.
- Ensure that you keep abreast of market activity with regards the product content across first and third-party lines of business.
- Perform other duties as assigned.
What Will Our Ideal Candidate Have?
- Solid insurance underwriting experience.
- Thorough understanding of Business Insurance products, systems, contracts, forms, coverage, distribution channels, regulatory environment and insurance financials.
- Very strong verbal and written communications skills.
- Excellent organisational skills with the ability to plan, prioritise and adapt as required.
- Ability to communicate at all levels and manage stakeholder expectations.
- Good level of proficiency required in the following: Financial Acumen, Presentation Skills, Networking, Risk Selection and Critical and Analytical Thinking.
- Good working knowledge of Microsoft Office packages, including Word, Excel and Powerpoint.
- ACII qualifications.
What is a Must Have?
- Previous Insurance experience with good knowledge of product, underwriting or coverage.
What Is in It for You?
- Private Medical Insurance: On commencement of employment, you are eligible for single cover provided by Travelers, with the option to add cover for your dependents, at your expense through payroll deduction.
- Retirement: Travelers will make a core contribution of a percentage of salary to your Pension Plan.
- Holiday Entitlement: Start your career at Travelers with a minimum of 25 days holiday entitlement annually, plus the opportunity to purchase additional days to allow for up to a total of 35 holidays per year.
- Wellness Programme: The Travelers wellness programme is comprised of tools, discounts and resources that empower you to achieve your wellness goals and caregiving needs.
- Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved.
Employment Practices: Travelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.
Underwriting Product Development Specialist employer: Travelers Canada
Travelers is an exceptional employer, offering a dynamic work environment in the heart of London where innovation and collaboration thrive. With a strong focus on employee growth, we provide extensive benefits including private medical insurance, a generous holiday entitlement, and a wellness programme that supports your well-being. Join us to lead a talented team in shaping the future of cyber underwriting while enjoying a culture that values diversity and encourages professional development.
StudySmarter Expert Advice🤫
We think this is how you could land Underwriting Product Development Specialist
✨Dive Into Industry Networking Events
Get your foot in the door by attending insurance industry events and conferences. Not only will you learn about the latest trends, but you'll also meet potential employers and industry peers. Check out local chapters of professional bodies like the Chartered Insurance Institute for valuable meetups.
✨Use LinkedIn to Your Advantage
Don’t underestimate the power of LinkedIn in the insurance world. Engage with industry content, join relevant groups, and connect with professionals at companies you admire (like Travelers Canada). A thoughtful message explaining your interest can really make a difference!
✨Look Out for Graduate Schemes
Many firms in insurance have structured graduate programmes. Keep an eye on application windows and utilise your university's career services for insider tips. These schemes are designed to develop talent and often lead to permanent roles after your initial training.
✨Leverage Your Current Connections
Got friends or family in the industry? Now’s the time to reach out! Personal referrals can give you a head start, so let them know you're on the lookout for full-time opportunities at places like Travelers Canada. Don’t shy away from asking for a coffee chat; you never know what doors it might open!
We think you need these skills to ace Underwriting Product Development Specialist
Some tips for your application 🫡
Highlight Your Analytical Skills:In insurance, we love a candidate who can crunch numbers and analyse data effectively. When crafting your CV, make sure to showcase any relevant coursework or experiences that highlight your analytical abilities, especially if you’ve tackled risk assessment or financial modelling.
Showcase Industry Knowledge:Don’t be shy about your knowledge of the insurance sector! We want to see that you've done your homework on current trends, regulations, and challenges in the industry. Mention any relevant projects or studies you’ve completed that demonstrate your understanding of the field in your cover letter.
Craft a Compelling Cover Letter:Your cover letter should tell us why you’re passionate about insurance. Share any personal experiences or what drew you into this profession. We’re looking for enthusiasm and a clear motivation for why you want to be part of our team at Travelers Canada.
Tailor Your CV for the Role:Don't just send a generic CV! Focus on tailoring it specifically for the insurance role at Travelers Canada. Highlight relevant skills such as risk management, customer service experience, or any certifications you've earned in the industry to make your application stand out.
How to prepare for a job interview at Travelers Canada
✨Know Your Numbers: Insurance Fundamentals
Brush up on your understanding of key insurance concepts, like underwriting principles and risk assessment. Expect the interviewer at Travelers Canada to throw some technical questions your way, so be ready to demonstrate your grasp of these essentials.
✨Showcase Your Analytical Side
In the insurance world, it's all about data. Prepare to discuss any analytical tools or methodologies you've used in past experiences. If you have a portfolio of projects where you've tackled complex data, bring that along to impress the team!
✨Prepare for Behavioural Questions
As a full-timer at Travelers Canada, they'll want to know how you handle real-life scenarios, not just theory. Think about challenges you've faced in teamwork or customer service, and how those experiences can relate to a career in insurance.
✨Know the Company Culture Inside Out
Understanding Travelers Canada's values and workplace culture is essential. Don’t just memorise their mission statement; think about how your personal values align with theirs. This will show your genuine interest in being part of their team long-term.
